BOI Disburses $6.02m to Women-owned Businesses

Nume Ekeghe

The Bank of Industry (BOI) has reiterated that in line with its support of gender equality and women’s financial inclusion, it has disbursed $6.02 million out of its $10 million investment commitment to Alitheia Fund.

Managing Director, BOI, Dr Olasupo Olusi, said this over the weekend during the BOI International Women’s Day (IWD) 2024 event with the theme “Inspire Inclusion.”

Represented by Executive Director of the Micro Enterprise Directorate, BOI Ms Mabel Ndagi, he noted that the Alitheia Fund is a pioneering $100 million gender-lens fund that invests in women-owned, women-led or women-servicing companies across varying sectors.

Olusi said “This is a $14.27 million initiative that was designed to support women-owned businesses, particularly those living in economically disadvantaged areas arising from conflicts and social unrest. As of February 2024, the bank had disbursed the sum of N5.9 billion to 551 beneficiaries.

“We are currently working with the African Development Bank (AfDB) on its AFAWA initiative, a Pan-African initiative to bridge the $42 billion financing gap women in Africa face,” he said.

Olusi said BOI had created special funding and business support for female entrepreneurs and made gender funding one of the Bank’s six thematic critical areas of focus and support.

This, he stated, was in line with President Bola Ahmed Tinubu’s unwavering commitment to ensuring social inclusion, empowerment for women, and economic support for disadvantaged women and mothers.

Founder, of Lagos Fashion Week, Mrs Omoyemi Akerele, emphasised the need to adopt sustainability models in the textile industry to contribute greatly to women empowerment.

Akerele noted that creativity was community art and its role in the ecosystem contributed significantly to community development. She, however, stated that unsustainable patterns in textile production contributed to problems of sustainability by leaving a carbon footprint.